Home Mortgage Loans

Interest rate: 6.5% (Adjustable rate)

Finance: 80% LTV (Residential properties & summer homes)

Between 60% - 70% (Investment Purchases)

Terms of repayment between 20 & 30 years (75 years old, ending Age)

2^nd Mortgage: 50% LTV- Repayment up to 15 years Max.

Requirements:

People earning a salary

Original Job letter

Copy of Passport

Copy of the latest two payroll receipts

Last (2) Income Tax Returns ~ 06 and 07

Signed and Completed Application Form

(2) bank reference letters (credit references preferably)

Authorization to check credit references

Self-Employed

Copy of Passport

Last (2) Income Tax Returns ~ 05 and 06

Signed and Completed Application Form

(2) bank reference letters (credit references preferably)

Authorization to check credit references

IMPORTANT NOTE: A life insurance policy must be taken out for the amount of the loan. A medical exam may be required to be taken in Panama depending on your age and the amount you borrow. If not taken with the bank, a life insurance policy must be endorsed to the bank by a Panamanian insurance company.

Forlacol can assist you with your mortgages. We always give better quotes than the bank!

To get more info on mortgages in Panama or if you wish to get in contact with a local mortgage broker or a loan officer please write to forlacol@gmail.com or call Ursula (507) 6676 5151.

This entry was posted on Sunday, February 4th, 2007 at 10:20 pm and is filed under Mortgage with a Panamanian Bank. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.